GE Real Estate has defied uncertainty in the property and financial markets and bought a £2 bln. (approx. 2.6 bln.) portfolio of UK commercial property loans from Bradford & Bingley.
The portfolio comprises performing loans to a group of over 100 borrowers.
GE said it had made the purchase as it has experience in managing portfolios of performing loans and had spotted an opportunity in a period of market uncertainty.
"Through our proactive acquisition strategy, we are confident that we can add significant value to our UK business in these more challenging times," Mike Rowan, managing director of GE Real Estate UK, said.
"The successful execution of this significant acquisition at the right price and on the right terms is a strong endorsement of our ability to complete large and complex transactions where we have identified an opportunity, regardless of market conditions."
Source: Propert Week